Diversion of Funds Sample Clauses

Diversion of Funds. If a court or other body of competent jurisdiction determines that funds or resources re- ceived under a covered agreement have been diverted contrary to the purposes of the covered agreement for an indi- vidual’s personal financial gain, the FDIC may take either or both of the following actions—
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Diversion of Funds. Borrower (i) fails to deposit all of its cash as of the Closing Date, or all of its revenues or income after the Closing Date, into the Concentration Account, (ii) notifies or instructs (or permits any Person to notify or instruct) any Person to make payments of amounts due to Borrower to any Person, deposit account or place other than the Concentration Account, including without limitation, payments owing by CL&P under the Electricity Purchase Agreement, or (iii) takes any action (or permits any Person to take any action) that would cause or have the effect of causing any revenues or income of Borrower to be paid, sent or deposited to or into any Person, deposit account or place other than the Concentration Account; or
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Diversion of Funds. Any Diversion of funds if the amount so diverted is not paid and remitted to Payplant as specified in Section 8 E.
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Diversion of Funds. Client shall not Divert all or any portion of funds to be paid into the Payplant controlled Lockbox Account or otherwise due to Payplant. Consistent with the stated intent of the Parties that all purchases and sales of Purchased Receivables on the Platform result in True Sales for all purposes, Client recognizes and agrees that, following Consummation, Client shall have no rights to or interests whatsoever in Collection Proceeds of Purchased Receivables and no right to possess or to use such collected funds for any purpose.
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Diversion of Funds. No funds received from public or private donations, fundraising events, foundation grants or government grants for the purpose of remodeling or improving the Center or to support the Association’s activities shall be diverted into another use by either party. All structural repairs, remodeling and improvements to the Center shall immediately become the property of the District upon installation regardless of the source of the funds and without any right of reimbursement to the Association. All tangible personal property acquired by the Association shall remain the sole and exclusive property of the Association. Nothing in this paragraph shall be construed as a limitation on or an obligation of the Association to commit a certain portion of the Association’s fundraising to either capital or operating expenses. Except as otherwise provided in this Agreement, all funds raised on behalf of the Association are at the sole discretion of the Association as to how they will be spent.
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Related to Diversion of Funds

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, (b) payment of Obligations then owing under any Secured Hedge Agreements, (c) payment of Obligations then owing under any Secured Cash Management Agreements and (d) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth payable to them; and Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section. Notwithstanding the foregoing, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.